The understanding of Influencer Marketing is usually limited to influencers promoting a brand via their personal accounts. There is another alternative which is an untouched Goldmine. This method is inexpensive which leads to an increase in sales and credibility to a startup. Mentioned Below is a step-by-step process that would show you an unknown tranch of Influencer marketing and save you $50,000 within 30 days.
The Hidden Goldmine People don’t know about.
The Goldmine is the images posted by influencers over the years, these images have no additional value to the influencer. However, finding a method to reuse these images would greatly benefit the company and the influencers. At Grroom we have found a way and as a result, we have obtained thousands of high-quality influencer images without spending a dollar, while having only 200 followers on Instagram and within just 4 weeks.
Value of our Library = avg. cost per Image (Price paid by Myntra~INR 1000 [$12.5] per image) *no. of images (4,000 images); = $50,000
Challenges and Methods that don’t work
Let us lay down some context, the results may vary based on your offer and ask from the influencers. We will initially look at the options that did not work for us.
- Direct Emails: We changed our email format, length, and content over 30 times. It did not make a difference, the conversion rate was lower than 1%. We noticed that Indian Influencers generally do not open emails.
- Influencer Agencies/handlers: This approach would generally work in cases where there are upfront monetary benefits or high-worth in-kind benefits. The conversion rate for us was at 0%.
- Insta Comments / Dms: Initially, each influencer was connected with one individual from Grroom via a dm or comment on their posts. These comments were ignored. Repetitive comments and dm’s from a single account were not appreciated. This method brought in a conversion rate of around 2-3%. This process was time-consuming and we were looking for a higher conversion rate. So we implemented a multiple approach strategy (Many to One), as mentioned below.
The strategy that provided us with a 70% conversion rate is…
The concept used: The concept has 3 parts. First, you have to make the influencer excited about the opportunity, second, you need a solid pitch, and third, an attitude that implies that you would be satisfied and successful irrespective of the result of the conversation. (The extent of success may change but it would be acceptable for you.)
The Method Used:
Step 01: Create an explainer video.
The video would contain the idea, your roadmap with timelines, proof with respect to your capabilities, the offer and the ask, reasons why is the offer lucrative, and an additional incentive to make the influencer respond immediately.
This is the video we used: https://youtu.be/UZri-BN-4Q4
Step 02: The toughest part; Garnering interest.
Each Influencer would be sent Instagram dm’s 3 times a day, each dm would be from a different person. We had used interns for this purpose. If you do not get a response on day 1, you skip a day and repeat the process on day 3. Using this process we got a 70% conversion rate for follow-up calls. The message we used was as follows –
“Grroom is the world’s first AI-based application turning your old Images on Instagram into Revenue and Followers. (An IIT Bombay Alumni Startup)
Our requirement — The images you have already posted on social media accounts over the years.
How you will benefit from collaborating with us?
1. Monetary- When they buy a product using your Image, you would get 12–15% of the revenue we receive
2. Followers- Users will be guided to your images on the app using our AI Algorithm giving them the option to follow you.”
Our proposal: https://youtu.be/UZri-BN-4Q4
Step 03: Creating FAQ’s for the team.
As you would not be communicating with each influencer directly, your team members would need to know how to respond to the influencer’s questions. At Grroom, we had created 30 faq’s that increased the speed of the process and allowed us to scale to a team of 30.
Step 04: The Verbal Pitch
Once you have set up a call with the influencer, the next step would be to convince them with 2 mins. Keep it direct, focus on the fact that they would not have to post anything for you and that is going to benefit them in the long run at no cost. A good pitch would bring in a 90% conversion rate after the follow-up call.
Step 05: Sending the MoU using a digital signature platform (the most important part)
Once you email them the document using a digital signature platform, send them a dm message stating the fact that it would take 20 seconds to sign. Making signing the document as easy as possible and do not waste time after a verbal confirmation from the influencer,
*This is how you could tie up with each influencer, at Grroom we scaled the process with 30 people and connected with influencers from 6 different countries. We created automatic funnels and monitoring systems to verify the progress made by the team members and the results of their work.
In the next article, we would speak about the method used to scale this process and the monitoring systems we set up in place.